Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Consensus Recommendation of “Reduce” from Analysts

Fortrea Holdings Inc. (NASDAQ:FTRE) has received a consensus rating of “Reduce” from the twelve analysts that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $19.00.

Several research firms recently commented on FTRE. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Evercore ISI cut their target price on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research note on Tuesday, March 4th. Barclays lowered their price target on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Citigroup cut shares of Fortrea from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. Finally, The Goldman Sachs Group decreased their target price on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th.

Fortrea Price Performance

Fortrea stock opened at $8.03 on Friday. The company has a fifty day simple moving average of $13.39 and a 200-day simple moving average of $17.47. The firm has a market capitalization of $724.31 million, a price-to-earnings ratio of -2.35, a PEG ratio of 1.78 and a beta of 1.34. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea has a 52-week low of $8.00 and a 52-week high of $40.63.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $697.00 million for the quarter, compared to analysts’ expectations of $703.22 million. During the same period in the prior year, the company posted $0.19 EPS. On average, equities analysts anticipate that Fortrea will post 0.51 EPS for the current fiscal year.

Insider Transactions at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the sale, the chief executive officer now owns 159,868 shares of the company’s stock, valued at $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 13,029 shares of company stock worth $226,168. 0.12% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortrea

Institutional investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fortrea during the 4th quarter worth about $30,000. GF Fund Management CO. LTD. purchased a new position in shares of Fortrea in the fourth quarter valued at approximately $35,000. Covestor Ltd boosted its stake in shares of Fortrea by 57.7% in the fourth quarter. Covestor Ltd now owns 4,356 shares of the company’s stock valued at $81,000 after purchasing an additional 1,593 shares during the period. Quarry LP grew its holdings in shares of Fortrea by 1,218.7% in the fourth quarter. Quarry LP now owns 4,365 shares of the company’s stock valued at $81,000 after purchasing an additional 4,034 shares in the last quarter. Finally, Cullen Frost Bankers Inc. increased its stake in Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after buying an additional 1,361 shares during the period.

Fortrea Company Profile

Fortrea Holdings Inc, a contract research organization, primarily engages in the provision of biopharmaceutical product and medical device development services worldwide. The company operates through two segments: Clinical Services and Enabling Services. The Clinical Services segment provides across the clinical pharmacology and clinical development spectrum.